Financial Highlights - The company reported a net profit of $90 million for Q4, bringing the full-year profit to $140 million, with an EBITDA of $322 million for the quarter and $943 million for the year [3][4] - Liquidity is strong at $560 million, with covenants for bonds at 31% and for other loan agreements at 44% [3][4] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, totaling approximately $45 million [6][7] Business Line Performance - The dry bulk segment constitutes 60% of the total fair market value of the fleet, with a contract backlog of $3.05 billion [2][6] - The company has a modern fleet with an average age of 5.9 years, and a significant portion of shipping days in 2026 is expected to be spot exposure [8][10] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while being cautious on container and chemical sectors [13][14] - Dry bulk demand is expected to grow, particularly for iron ore and bauxite, with a ton-mile increase forecasted at 2.7% against a fleet growth of 2.3% [23][24] - The tanker market is currently strong, with high rates achieved for both VLCCs and Suezmaxes, despite a muted supply-demand balance [25][26] Company Strategy and Industry Competition - The company aims to maintain a long-term target of 50% loan-to-value (LTV) ratio, currently at approximately 55% [42][43] - The focus is on operational cash flow and potential dividends, with a strategy to leverage market opportunities without committing to new builds in the tanker segment at this time [48][49] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, indicating that the current rates are among the strongest seen in the last 15 years [18][19] - The company is cautious about the container market, anticipating a decline in spot freight rates while maintaining a strong position in long-term charters [30][31] - The offshore wind market is expected to see increased demand due to new projects coming online, which will benefit the company's fleet [90][91] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, indicating a strategic move towards sustainable shipping solutions [82][83] - The company has a significant orderbook for new builds, with a focus on modernizing the fleet while managing costs effectively [10][11] Q&A Session Summary Question: Impact of strong tanker market on Golden Ocean bridge repayment - Management confirmed that the strong tanker market and the sale of VLCCs facilitated early repayment of the bridge facility, which was initially $1.4 billion, with $420 million cash from tanker sales [40][42] Question: Future dividend payments and leverage targets - The company aims to reduce LTV to around 50% and confirmed that dividends will be considered based on operational cash flow and market conditions [43][45] Question: Potential sales of older vessels - Management indicated that while older vessels may still be sold if high offers are received, the focus is on maximizing current fleet performance rather than aggressive selling [52][56] Question: Long-term charters and market competition - The company is not disclosing specific rates for long-term charters but is open to increasing coverage based on favorable market conditions [68][70] Question: Regulatory impacts from U.S. Maritime Action Plan - Management stated that the impact of the U.S. Maritime Action Plan remains uncertain, but the company is exempt from certain regulations due to its limited port calls in the U.S. [61][63]

Earnings Presentation Quarter Ended December 31, 2025 1 February 25, 2026 30 – 78 – 230 12 – 34 – 106 229 – 29 – 36 192 – 0 – 0 217 – 217 – 217 220 – 230 – 242 242 – 242 – 242 154 – 172 – 204 Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expecta ...

This presentation contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners' expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ...

Investment Rating - The report maintains a cautious outlook on container shipping, downgrading the sector due to structural headwinds and demand uncertainty beyond August [9][10]. Core Insights - The report highlights that US tariffs have limited direct impact on the bulk and tanker markets, while the Baltic Dry Index (BDI) increased by 2% week-on-week, driven by higher Panamax earnings [9][10]. - The report suggests a buy rating for Maersk, a hold for SITC, and a reduction for several other companies in the container shipping sector, indicating a selective investment approach [9][10]. Summary by Sections US Tariff Updates - The Trump administration delayed the 10% baseline tariff and set various tariffs for key trading partners, with significant implications for trade dynamics [2]. - Tariffs on copper and other commodities are set to take effect, which may influence demand in the bulk market [4][53]. Container Shipping Trends - The Shanghai Containerized Freight Index (SCFI) dropped 1.7% week-on-week, marking the fifth consecutive week of decline, although rates to the US showed some recovery [33][34]. - The report notes that while front-loading may temporarily boost cargo flows, significant demand uncertainty looms due to potential tariff impacts [3][9]. Baltic Dry Index and Dry Bulk Market - The BDI rose 2% week-on-week, with Panamax rates increasing by 14% due to strong demand in the Atlantic basin, while Capesize rates fell by 12% due to weak iron ore demand [52][58]. - The report anticipates a 3% growth in the dry bulk fleet but expects flattish demand, leading to a softening of freight rates in the coming years [58]. Freight Rates and Market Dynamics - Container shipping freight rates have shown variability, with the SCFI composite index reflecting a significant year-on-year decline of 43.3% [50]. - The report indicates that bunker prices and time charter rates are also trending, with specific rates for different vessel types being monitored closely [50][57].